Submitted By: Roberto Ellis
presenter
Presentation By: Tammi Haslam
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Department: Growth Management
STAFF RECOMMENDATION (Motion Ready):
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Adopt Budget Resolution 2023-113 amending the Fiscal Year 2022-2023 budget to appropriate funds for an affordable housing incentive fund disbursement to Silver Point Ltd., in the amount of $200,000
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OCALA’S RELEVANT STRATEGIC GOALS:
Quality of Place, Economic Hub
PROOF OF PUBLICATION:
N/A
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BACKGROUND:
Silver Pointe, Ltd. applied for affordable housing incentive funds to offset costs associated with the construction of 90 housing units in the city on property located at 2321 NE 3rd Street.
The City encourages new construction and rehabilitation of affordable housing by offering a housing incentive funds to offset development charges. These benefits are intended to promote affordable housing while maintaining quality construction and site design.
FINDINGS AND CONCLUSIONS:
On September 20, 2022, City Council unanimously approved the award of incentives for the project. The Affordable Housing Agreement was executed on October 14, 2022. The executed agreement will ensure the developer provides at least 36 units of the 90-unit development for affordable housing before funds are disbursed. The project is expected to be completed no later than October 2023.
The City will place a lien on the property stipulating the 10-year affordable requirement of Sec. 106-105(f) of the City’s Land Development Regulations.
FISCAL IMPACT:
The incentive payment shall not exceed $200,000 and is requested to be transferred from the Affordable Housing Incentive Fund Reserve account to account 001-016-064-554-55-82010.
The housing incentive fund balance is $1,267,917.44 which includes encumbrances of $460,000 for Madison Oaks East, $200,000 for Silver Pointe Apartments, and $2,500 for a single-family rehabilitation project.
PROCUREMENT REVIEW: N/A
LEGAL REVIEW: This Resolution will be reviewed and approved for form and legality by City Attorney, William E. Sexton.
ALTERNATIVE:
• Approve with changes
• Table
• Deny
BUDGET RESOLUTION 2023-113
A RESOLUTION AMENDING THE FISCAL YEAR 2022-2023 BUDGET TO APPROPRIATE FUNDS FOR AN AFFORDABLE HOUSING INCENTIVE FUND DISBURSEMENT TO SILVER POINT LTD, IN THE AMOUNT OF $200,000
WHEREAS, the City of Ocala, Land Development Regulations Sec. 106-105 provides for the housing incentive fund to encourage the new construction and rehabilitation of affordable housing in the City by offering incentives to offset development charges; and
WHERAS, on September 20, 2022, City Council approved an Affordable Housing Incentive Fund (AHIF) disbursement for Silver Pointe Apartments to be located at 2321 NE 3rd Street an amount not to exceed $200,000; and
WHEREAS, on October 14, 2022, the City of Ocala and Silver Pointe, LTD entered into an Affordable Housing Agreement setting out financial incentives in exchange for the construction of buildings and related improvements for residential purposes, available for a price equal to or below the affordability threshold.
NOW THEREFORE, BE IT RESOLVED THAT THE CITY COUNCIL OF THE CITY OF OCALA, FLORIDA, duly assembled in regular session, that the FY2023 budget be amended to appropriate funding as follows:
RESOURCE:
001-099-999-554-81-99064 Reserve for Affordable Housing ($200,000)
USE:
001-016-064-554-55-82010 AHIF Aids to Private Organizations $200,000
This resolution adopted this ______ day of ______________________, 2022.
ATTEST: CITY OF OCALA
By: By:
Angel B. Jacobs James P. Hilty, Sr.
City Clerk President, Ocala City Council
Approved as to form and legality:
By: _________________________________
William E. Sexton
City Attorney
Reviewed for accounting accuracy & completeness:
By: _________________________________
Peter A. Lee
City Manager